Bank Turn Downs
If you have been turned down for a mortgage, you have come to the right place! We have great options for those clients who don't qualify for a mortgage at the banks due to bruised credit or insufficient income to meet the banks qualifying ratios.
The banking system today relies very heavily on credit bureau scores to determine whether a client is credit worthy. The problem with using the credit score however is that so many different factors can bring down a clients credit score that have little to do with the clients past credit history. These types of situations are the most common form of bank turn down mortgages here in Canada; low beacon scores. Our sub-prime lenders don't see these clients as high risk, and are more than willing to approve them for a mortgage. The mortgage rates will obviously not be as low as the best mortgage rates you see on our site but they are a great alternative. Let one of our mortgage brokers explain the differences between our prime and non-prime mortgage options.
Another factor in a lot of bank turn downs are the debt service ratios that the banks (and insurers) have determined to be the maximum a client can service based on the clients income. When you work with one of our professional mortgage advisors, we will analyze your situation to see how we can restructure your debts to get your ratios back in line. Simply put, 'we care'.
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